12/01/2019
Since 2014, the DOJ has brought numerous enforcement actions against businesses, including banks, whose websites and mobile applications weren't easily accessible for persons with disabilities and, therefore, were potentially non-compliant with the Americans with Disabilities Act (Act). In order to make their websites and apps more accessible for differently-abled people, what actions have these DOJ settlements required such businesses to take?
12/01/2019
What are the most critical security controls to protect banks?
12/01/2019
Who is responsible for a check that was deposited through an ATM? In this case the paying bank sends an affidavit of altered check 20 days after the
deposit was made. Then calls to state the payee and endorsement does not match, but also states in the affidavit that customer stated it was not his
signature and someone stole the check from the mailbox.
12/01/2019
I have a compliance question related to our CIP documentation process. An IRS SS-4 Form is typically a required document to verify the Employee Identification Number. We are asking if a company’s Tax Returns and Department of Revenue Letter can be used as substitute items in lieu of the SS-4?
12/01/2019
The conventional wisdom is to send annual Reg E error notices to CDs with interest transfers. However, I note that the definition of account in Reg E would seem to preclude CDs:
(1) “Account” means a demand deposit (checking), savings, or other consumer asset account (other than an occasional or incidental credit balance in a credit plan) held directly or indirectly by a financial institution and established primarily for personal, family, or household purposes.
1. Consumer asset account. The term “consumer asset account” includes:
i. Club accounts, such as vacation clubs. In many cases, however, these accounts are exempt from the regulation under § 1005.3(c)(5) because all electronic transfers to or from the account have been preauthorized by the consumer and involve another account of the consumer at the same institution.
ii. A retail repurchase agreement (repo), which is a loan made to a financial institution by a consumer that is collateralized by government or government-insured securities.
2. Examples of accounts not covered by Regulation E (12 CFR part 1005)
include:
i. Profit-sharing and pension accounts established under a trust agreement, which are exempt under § 1005.2(b)(2).
ii. Escrow accounts, such as those established to ensure payment of items such as real estate taxes, insurance premiums, or completion of repairs or improvements.
iii. Accounts for accumulating funds to purchase U.S. savings bonds.
Additionally, most CD interest transfers are by check, and Reg E would also seem to exclude a check from an EFT:
(c) Exclusions from coverage. The term “electronic fund transfer” does not include:
(1) Checks. Any transfer of funds originated by check, draft, or similar paper instrument; or any payment made by check, draft, or similar paper instrument at an electronic terminal.
So the question is - do we have to send Reg E annual error notices to CDs, and if so, why?
11/24/2019
Where does the CFPB’s authority come in when they determine something is “Abusive”?
11/24/2019
With fewer and fewer employees available to access dual control we're considering putting a small number of safe deposit box keys into a working
supply. What guidance can you give me on this?
11/24/2019
On a CTR form, if the transaction is being completed by the owner of an entity do we check Person conducting transaction on own behalf in Part1,
Person Involved in Transaction?
11/24/2019
We have a customer who writes checks from his account at our bank (Bank A) and deposits them at Bank B. The account is overdrawn every morning. He then wires money from Bank B back to Bank A to cover the overdraft. The account is not being used as a business operating account. Each day the amount
involved gets larger. How should we address this? Is there a specific Regulation we can site for closing the account?
11/24/2019
Website ADA Discrimination cases appear to be on the rise; how many of these cases were filed in federal court in 2019, and is this actually a significant increase from earlier years?
